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Easy? Foreign Tax Credit ??
I am using TT Premier for 2023. In 2023 I had perhaps 20 mutual funds and ETFs spread across
4 brokerage firms (yike !). Many of these had foreign positions for which foreign taxes were paid.
TT downloaded all the Composite 1099 forms, so it has the basic data.
When I used the TT Q&A to get the credit (perhaps $500 total, at most) I was drawn into this circle of:
"Income from Foreign Countries" --> Various -> "Report Income" or "Done".
Report Income for all these investments individually is hopeless.
I chose "Done", then back to "Income from Foreign Countries".
I could see that some credit is being accumulated so I presume TT is going through all the places
where Foreign Income was reported in all my 1099's, and I just had to continue to go round
and round until TT had gone through all of them.
Is this a correct interpretation ?
I recall it was easier in past years. Is there not just some quicker way through this ?
Thanks for any help